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Container rates skyrocket following Covid-19 outbreak in South China

Major disruptions in container traffic following new restrictions in South Chinese ports as a result of a Covid-19 outbreak has send freight rates to new heights, as indicated by the FBX Baltic Container Index, says shipping analyst Lars Jensen.

Photo: Martin Pollard/Reuters/Ritzau Scanpix

Continued disruptions in global container traffic are reverberating from South China following a major Covid-19 outbreak in the Port of Yantian and are now pushing freight rates to dizzying heights, writes shipping analyst and CEO of Vespucci Maritime Lars Jensen on LinkedIn.

According to the daily FBX Baltic Container index, the rates for container transport on routes from Asia to the US East Coast reached USD 7,598per FFE on Monday. The following day, rates ballooned to USD 8,964 per FFE, an increase of USD 1,495 per FFE in a single day.

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